Markets Brace for Big Reveal

Markets remain on the lookout after an announcement that Donald Trump has a big plan for crypto, which will be revealed on Thursday afternoon.

Evidence of the anticipation is a strong move for Bitcoin (BTC), eyeing the $61,000 threshold as the US session commences.

Donald Trump Plans Huge Crypto Announcement

Trump shared on X (formerly Twitter) that he will reveal his plan to make the US a crypto capital for the world. Along with the announcement, the Republican presidential aspirant tagged World Liberty Financial, a DeFi project his sons, Donald Jr. and Eric Trump, promoted. 

“This afternoon I’m laying out my plan to ensure that the United States will be the crypto capital of the planet,” the announcement said.

Barely an hour before Trump’s announcement, the World Liberty Financial’s Telegram channel cautioned about scams. In hindsight, Donald Jr. and Eric Trump have hinted at upcoming crypto and DeFi-related announcements.

“We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future — don’t get left behind, “Donald Trump Jr. wrote on August 7.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The announcement had raised eyebrows, given the multiple iterations of Trump NFTs (non-fungible tokens) already in the market. A day before Donald Jr.’s post, Eric Trump expressed his love for crypto and DeFi, also hinting at an upcoming announcement.

“I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement,” Eric shared.

Markets are eager to see what Trump will say, taking all these factors together. His increasing interest inspires anticipation in courting crypto and his inclination toward appealing to the hearts of crypto voters. The Bitcoin Conference in Nashville, Tennessee, allowed the Republican Party ticket holder to woo the crypto community further.

Key highlights included firing Gary Gensler and making a strategic appointment for Treasury Secretary. Trump also plans to establish a Bitcoin reserve in the US. The strategy raised concerns, attracting mixed reactions from industry experts.

These developments come as the November elections draw near. Based on Polymarket odds, Trump maintains the lead, with a 50% winning chance against Kamala Harris’ 49%.

Read more: How Can Blockchain Be Used for Voting in 2024?

Kamala Harris’s close-range odds against Trump come as Democrats push to woo crypto voters. Besides holding Town Hall meetings with crypto leaders, reports indicate that Harris is also opening up to pro-crypto policies. Based on data on CoinGecko, PolitiFi tokens are on a tear, some posting double-digit gains.